Tag: debt

Brexit: Covid debt leaves small business ‘vulnerable’ to no deal

Image copyright Getty Images Businesses in Wales face challenges preparing for a potential no-deal Brexit because of debt taken on to deal with coronavirus, according to leaders. Nine out of 10 members report cashflow problems over the pandemic, says the Federation of Small Businesses Wales. It comes as tensions in the trade talks between the UK and the EU increased… Read more →

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High-cost lenders using ‘exotic holidays’ to encourage debt

Image copyright Getty Images High-cost lenders are using pictures of holidays and “nudge” tactics to encourage vulnerable people to take on more debt, the finance watchdog says. The Financial Conduct Authority found borrowers were getting into financial trouble after taking on extra credit. Lenders are accused of poor practice by using online accounts and apps to encourage consumers to borrow… Read more →

UK debt climbs in June amid coronavirus pandemic

Image copyright Getty Images The UK government borrowed £35.5bn in June, about five times more than the same month last year, as coronavirus continued to weigh on public finances. The figure took total government debt to a record £1.98 trillion. However, the monthly borrowing figure was lower compared with May and was in line with expectations. The re-opening of non-essential… Read more →

Coronavirus: Debt letters ‘make money problems worse’

Image copyright Rachel Edwards Image caption Rachel Edwards is now on a debt management plan Rachel Edwards has faced mental health difficulties for decades. Bouts of depression have also brought financial problems for the 43-year-old grandmother. She believes that letters, warning about falling behind on debt and which lenders are compelled to send by law, are often counter-productive. “You get… Read more →

Coronavirus: Leading economist warns of 10 years of depression and debt

Image copyright Getty Images Economist Nouriel Roubini has warned of a prolonged downturn and sluggish recovery from the coronavirus. Nicknamed Dr Doom for his gloomy predictions, Professor Roubini said there are some jobs that simply will not come back after this crisis. Even if the global economy recovers this year from the impact of the coronavirus, it will be “anaemic”.… Read more →

Coronavirus: Shopping centre giant Intu warns of debt default risk

Image copyright Reuters Image caption Intu’s shopping malls, including Manchester’s Trafford Centre, remain ‘semi-closed’ Shopping centre operator Intu has warned that it risks defaulting on its debts unless its lenders give the firm significant breathing space. The coronavirus pandemic has hit rental income and Intu said there was no certainty how quickly the market would recover once the lockdown is… Read more →